IDBI Bank education loan is designed to assist worthy & talented students in pursuing higher education in India and abroad. IDBI Bank ensures that you have total financial support with a variety of services to select from and simple repayment alternatives.
What are the IDBI Bank Education Loan eligibility requirements?
The following are the IDBI Bank education loan eligibility criteria:
- The applicant must be a citizen of India.
- The applicant must be at least 17 years old but not more than 35 years old.
- The applicant must have been accepted into a recognised international university, college, or school.
- A genuine admission confirmation letter from the respective university is required of the applicant.
- A valid passport and visa are required of the applicant.
IDBI Education Loan Interest Rate
|Loans for Non-Vocational Courses||Up to Rs. 7.5 lakh – 8.25%|
Above Rs. 7.5 lakh – 8.75%
|Loans for Vocational/Skill Development Courses||8.65%|
|Loans for Premier Education Institutes Courses||6.75%|
What expenses are covered by the IDBI Bank international education loan?
The following expenses are covered by an IDBI Bank education loan:
- Tuition Fees
- Fees for examinations
- Study tours, group projects, and book and stationery costs
- The course requires specific equipment.
- Caution Deposits/Building Funds/Refundable Deposits backed up by bills/receipts from the institution.
- The cost of Hostel fees, air travel, and health insurance maintenance is also covered.
What is the maximum loan amount that the loan can provide for overseas studies?
You can borrow a maximum of INR 20 lakhs for your study abroad. The student will be required to put up collateral to secure the loan. The bank will only give you a loan if you have anything to put up as collateral. The highest amount that can be borrowed from IDBI Bank for studies in India is INR 10 lakhs.
What Are The Documentation Required ?
The list of documents needed for an IDBI Bank foreign education loan varies depending on the situation. However, the following is a list of documents that may be useful:
- A fully completed Application form
- A declaration/affidavit from the borrower stating that no other banks have offered educational loans.
- Collateral Documents
- ID Proof
- Age Proof
- Last Qualifying examination mark sheets
- Schedule of expenses for the specified course
- Proof of admission (before disbursement), scholarship, etc
- ID Proof
- Age Proof
- Address Proof
- Signature Proof
- Employment or Income or Business Proof
Check out: Co-borrower Vs Co-signer in student loan
Co-applicant’s income proof requirements (Salaried)
- Last 3-month salary slip
- Salary Account statement for last 3 months with salary credits
Others – Competent Authority Income Certificate (Tahasildar and above, BPL Card issuing authority, etc.)
The following documents are required in the case of an education loan for study in another country:
- Valid passport with self-attestation; I-20 form with self-attestation (wherever applicable)
Recommended Read: Most Googled questions about student loan
What is the IDBI Bank education loan for abroad studies margin money?
IDBI Bank study loans provide a 0% margin money for loans up to INR 4 lakhs, but a 15% margin money for loans above INR 4 lakhs. It indicates that the student will be responsible for 15% of the total expenses expended.
What types of collateral does the IDBI Bank accept for overseas education loans?
IDBI Bank accepts the following types of collateral:
A house, flat, apartment, or plot with a boundary is an immovable property.
LIC policies, fixed deposits, government bonds, and other liquid assets
What is the greatest amount of time that IDBI Bank education loans can be repaid?
The maximum feasible payback term for a loan of up to INR 10 lakhs is 10 years, while the maximum potential repayment tenure for a loan of more than that is 15 years.
What is the IDBI Bank education loan prepayment penalty?
On loans carried out through IDBI Bank, there are no prepayment penalties.
Which IDBI Bank education loan subsidiary plans are available?
On IDBI Bank study loans, the Indian government’s three subsidiary schemes are applicable:
- Interest Subsidy Scheme for Education Loans at the Central Level
- Padho Pardesh Education Loan Scheme
- Dr. Ambedkar’s Interest Subsidy Scheme for the Central Sector
Here are some Education Loan Providers in India:
There are several banks and NBFCs which provide education loans in India, please find the top education loans providers listed below:
- ICICI Bank Education Loan
- Axis Bank
- InCred Education Loan
- Bank of Baroda
- Prodigy Finance Education Loan
- Leap Finance Education Loan
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